How to Make a Goods Carrying Vehicle Insurance Claim after an Accident?

Posted:

19 February,2024

Updated:

28 February,2024

a person filling out an insurance claim form for a goods carrying vehicle

Table of Contents

    Encountering an accident can be emotionally overwhelming, especially if there are physical injuries involved. It's essential to remain composed during the incident and plan the next steps, especially, when it comes to initiating an insurance claim.

     

    Familiarising yourself with goods carrying vehicle accident insurance claims can alleviate the financial strain of medical expenses and accident-related damages. Having a grasp of the procedures for claiming goods carrying vehicle insurance post-accident empowers individuals to effectively navigate the situation.

     

    Types of Goods Carrying Vehicle Insurance 

    In India, goods carrying vehicle insurance is of two major types, and the insurance coverage depends upon the type of insurance you choose: 

     

    1. Comprehensive Goods Carrying Vehicle Insurance

    Comprehensive Goods Carrying Vehicle Insurance provides coverage due to accidents, natural calamities and fires. Choosing comprehensive insurance ensures a more holistic approach to protection, addressing both external liabilities and potential internal damages. It offers comprehensive financial security and peace of mind to goods carrying vehicle owners by covering accidents due to unforeseen events.

     

    2. Third-party Goods Carrying Vehicle Insurance

    A Third-party Goods Carrying Vehicle Insurance is designed to shield the insured goods carrying vehicle from third-party liabilities. This coverage includes bodily injuries or property damages inflicted upon third parties due to an accident. Third-party insurance is also fundamental for meeting legal obligations.

     

    Steps to Claim Goods Carrying Vehicle Insurance after an Accident

    Follow the given steps to claim the goods carrying vehicle insurance after an accident:

     

    1. Inform the Insurance Company

    After an accident of a goods carrying vehicle, the initial and important step is to quickly inform your insurance company. This step is time-sensitive, as insurers usually have a set timeline for claim submissions. Failing to report the incident in a timely manner could lead to the unfortunate rejection of your claim by the insurance company.

     

    2. Fill-out an FIR

    Following the intimation to the insurance company, filing a First Information Report (FIR) with the local police becomes necessary. An FIR is a legal document that records details of accidents, thefts, fires, and other incidents. It serves as crucial evidence and is especially important in accidents where a third party is injured. Filing an FIR is necessary for any compensation to be provided to the injured third party.

     

    3. Provide Video Evidence

    Capture the accident by taking photographs or recording videos of the accident, the damages sustained by the vehicles involved, and any bodily injuries. This visual documentation serves as evidence when filing an insurance claim. Photos or videos and witness contact information can be important in validating the details of the incident.

     

    4. Document Submission

    After having an FIR copy and video or photo evidence, the next step is to start the settlement process by submitting essential documents to the insurance provider. Make sure you provide copies of important documents such as the goods carrying vehicle registration certificate, FIR, driver's license, insurance policy, and any other documentation specified by the insurer.

     

    5. Repairs Initiation

    Once the insurance company's surveyor has assessed the damages, you can proceed with the goods carrying insurance claim procedure using two ways:

     
    • Cashless Settlement: Choose this if you prefer a hassle-free process. Take your vehicle to one of the network garages associated with your insurer, and the company will directly settle the repair bill with the garage.
     
    • Reimbursement Process: If you choose this option, you will need to cover the repair costs initially. After the repairs are completed, submit the original bills and receipts to the insurance company. They will then review and reimburse you accordingly.
     

    Things to Know When Filing a Goods Carrying Vehicle Insurance

    When initiating a goods carrying vehicle accident insurance claim, follow these guidelines:

     
    • Immediate Self-Check: After an accident, quickly assess yourself and your vehicle for any significant bodily injuries or damage.
     
    • Prioritise Safety: Depending on the severity of injuries or damage, look for medical assistance or any other necessary support.
     
    • Timely Claim Filing: File the insurance claim without any delay to avoid potential denial.
     
    • Record Vehicle Details: Note the vehicle number, especially if there is any collision, to file accurately.
     
    • Accurate Information: While filing the claim, provide the right and true details. Any inaccuracies can lead to immediate claim denial.
     
    • Involve Law Enforcement: Alert the police immediately and ensure all necessary paperwork is accessible. This will speed up the goods insurance claim filing process with your insurer.
     

    The Reasons to Buy Goods Carrying Vehicle Insurance

    1. Damage and Financial Protection

    Goods carrying vehicles are often on the road for longer periods and face increased risks of damage. Being an integral part of your business, any harm to these vehicles can disrupt operations, impacting revenues. Goods carrying vehicle insurance provides financial coverage against substantial damages and safeguards your business from potential losses.

     

    2. Third-Party Liability Coverage

    Goods carrying vehicles operate across diverse routes and cities and pose a risk of causing injury or damage to third parties. Liability for such incidents, as determined by the court, can significantly impact your business. Thus, having Third-party Goods Carrying Vehicle Insurance is essential to cover those liabilities.

     

    3. Legal Compliance

    Beyond protection, third-party insurance is legally mandated in India for all vehicles on the road, including goods carrying vehicles. If you don’t comply with these rules you can face legal consequences such as fines.

     

    Conclusion

    Goods carrying vehicle insurance protects your business from financial burdens due to accidents, natural disasters, and unexpected events occurring to your vehicle. If your business relies on goods-carrying vehicles, getting insurance from a recognised insurance provider like Shriram General Insurance is a prudent step to overcome any potential financial setbacks. Don’t delay and get an insurance policy today from Shriram General Insurance for peace of mind.

     

    FAQs

    1. When is the right time to submit an accident insurance claim?

    To prevent any denial of claim for your goods-carrying vehicle, you must submit the claim within 24 hours after the accident.

     

    2. In goods carrying vehicle insurance, what does Insured Declared Value (IDV) mean?

    If the insured goods carrying vehicle is completely lost or stolen, the maximum amount the insurer will pay is known as the IDV. The IDV is calculated based on the age and depreciation of the vehicle.

     

    3. Why are some claims of goods carrying vehicle insurance denied?

    Insurance companies will pay only for damage caused by certain events that are mentioned in the policy documents, and they will not pay for repairs or normal wear and tear. If your vehicle is damaged without an accident or natural disaster, your claim may be rejected.

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